Toyota and Fuji Heavy, the maker of Subaru-brand vehicles, were celebrating the launch of their new two-door sports coupe – which Toyota calls the 86 and Subaru the BRZ – the latest joint project since the two companies formed a partnership in 2005.

At the ceremony at a Fuji Heavy plant in Gunma, north of Tokyo, attended by a number of executives from the two companies, including Toyota honorary chairman Shoichiro Toyoda, both companies’ presidents praised the latest cooperation.

“It is obvious that this project represents good progress of our collaboration plans,” Yasuyuki Yoshinaga, president of Fuji Heavy, said in a speech.

“For us, Fuji Heavy is the best partner to make good cars,” Toyota President Akio Toyoda told reporters at the ceremony.

Toyota owns a 16.5% stake in Fuji Heavy, but the Toyota alliance is not necessarily always favorable for the Subaru maker, especially in China.

Fuji Heavy has been awaiting Chinese government approval to set up a joint production venture there since last year. But the application is likely to be rejected because authorities consider Fuji Heavy’s plan to be Toyota’s third joint venture in the country, exceeding the limit of two ventures per foreign company, according to media reports late last year.

Mr. Yoshinaga in November insisted Fuji Heavy is not part of the Toyota group because it isn’t owned by or affiliated with Toyota, Japan’s biggest car maker by volume.

Last month, Mr. Yoshinaga indicated that if Fuji Heavy can’t launch a joint venture in China, it may consider ramping up production capacity in the U.S. instead. The American plant where Fuji Heavy builds the Toyota Camry as well as Subaru vehicles in Indiana is currently running at full capacity.

Mr. Toyoda told reporters Friday that despite the benefits of the alliance, it isn’t necessarily the company’s top priority.

“We want to focus on making good cars in Japan and the world rather than an alliance. An alliance is just an option to pursue it,” Mr. Toyoda said. “Our goal is to make good cars.”

Toyota’s stake in Fuji Heavy means that whatever happens, the two car makers will likely stay close. But it remains unclear how close they can be.

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